China Armco (CNAM) continues to show strength, Yuhe (YUII) declines sharply on its accounting firm's resignation
Posted on March 10, 2010 at 19:00 PM EST
A-Power Energy Generation Systems, Ltd. (APWR), a provider of distributed power generation systems and a manufacturer of wind turbines in China, issued a press release before the market opened, causing the shares advance 8.15%. The announcement pertained to the development and construction of a new production and assembly plant in Nevada that will supply highly advanced wind energy turbines to renewable energy projects throughout North and South America, China Armco Metals, Inc. (CNAM), a distributor of imported metal ore and metal recycler in China, continued to show strength. Shares closed at $9.64, up 5.47% on strong volume, with no news and press releases coming along. Continuing its upward momentum, L & L International Holdings (LLEN), an U.S.-based company operating coal business in China, closed at $9.82 a share, representing a 5.03% increase, following the press release, issued early this month, reaffirming guidance for the fiscal year 2010. Yuhe International, Inc. (YUII), a supplier of day-old chickens raised for meat production, or broilers, in China, is the biggest loser in today's trading session. Its shares declined sharply by 18.17% after the company disclosed in a filling with the Securities and Exchange Commission that its accounting firm, Grant Thornton resigned. During its audit procedures, Grant Thornton noted that Yuhe International has been unable to eliminate the occurrence of related party loans between the company and Yuhe Food. According to the filing, Grant Thornton also communicated to Yuhe International certain audit adjustments related to its financial statements for the fiscal year 2009, which indicated a material weakness of Yuhe International's internal control over financial reporting. China Security & Surveillance Technology (CSR), an integrated security and surveillance solution provider in China, fell 13.13% today in heavy trade on the 20 million shares of its common stock offering. In the registration statement filed with Securities and Exchange Commission, the company stated that it has granted the underwriters a 30-day option to purchase up to an additional 3 million shares of common stock to cover over-allotments. The proceeds from this offering will be used for the repurchase or repayment of its notes and for general corporate purposes.
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